There is no straightforward, absolute, canonical, or true description of a behavioral system; all behavioral descriptions are relative to a particular set of questions they are intended to answer.
Cheers
Graham
Everything is subjective. Or, as Buddhism postulates, everything is dependent arising. It is based on something else, which is derived from something else, which is derived from something else and so on...
In this context, the "hodl" phenomenon is based on previous experiences with similar contexts. People won't sell their coins because, previously, there has been consistent reporting of economical appreciation of similar tokens, given you "hodl" to them enough time.
There's no intrinsic value of Bitcoin or Slimcoin, it's all arising within our own context.